Could you live from crypto?

in #leofinance4 months ago

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I believe that most of us are into the crypto world for financial reasons, among others. What would be interesting to know is to see who among us manages to live 100% from crypto? Of course this depends a lot on where we live on the planet and our living costs.

How much income would you need to earn to „survive“ in the region you live (in USD)? And how much do you manage to generate through crypto?

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I need to earn $500 to survive.
I can probably generate $100 with crypto.
Hope it will get better one day.
Have a great day.
!LOLZ
!PGM

If you can generate $100 in the bear market, you should do better when the market switch to bull!

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Have a great day.
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Right no my salary is ~1k USD, which is a comfortable lower middle-class income in Hungary IMO. Right now I don't make any money from crypto. I just buy some BTC for $100 monthly if i can and hold it. I'm also holding anything I earn on the Hive chain.

I just buy some BTC for $100 monthly if i can and hold it. I'm also holding anything I earn on the Hive chain.

DCA-ing is a good strategy for crypto accumulation... Just HODL and it will come... I'm doing the same for years, I don't regret it!

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What would be interesting to know is to see who among us manages to live 100% from crypto?

I cannot live on crypto %100 for now. However, if we can have a mega bull-run through Bitcoin Halving, I believe most of Hivers will be able to live on crypto earnings. It may sound futuristic but hyperinflation + BTC halving may surprise all of us 🔥

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I found your theory very probable to happen... As early adopters, a lot of Hivers should be able to live from HIVE only!

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The question is tricky due the meaning of "survive".

Survival in the sense of "staying alive"? About 300-500 USD per month is enough for me to stay alive. But if we're talking about having a good life, planning a better future for myself and my family, etc, then it's way more, like 2-3k USD per month.

Nonetheless, I'm making around 200 USD per month here on Hive :D So yeah, I'm almost being able to survive just on my crypto earnings :D

Also, !1UP

Nonetheless, I'm making around 200 USD per month here on Hive :D So yeah, I'm almost being able to survive just on my crypto earnings :D

That's an awesome result! You need $100-$300 more to "secure" your survival... :)

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Living in California is not cheap. Would probably need U$7k/month for our family of 5. Still just starting my crypto journey, but hopefully will pay my bills with crypto earnings one day.

It takes time to build a solid income stream, but it's not impossible... I think that crypto is the future and every penny invested today will be valued a lot more tomorrow...

Agreed. I believe 100% that crypto is the future.

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I'm nowhere near where I need to be to "live" off of crypto. I figure I would need about $3k/month at a minimum and at the current prices, I'm generating maybe $250, maybe. I get about 11 HIVE/day, 20ish LEO, and about $1/day from HBD. With my defi stuff and games (Splinterlands, dCrops, dCity) I'm probably generating another $30+ month, maybe a little more so....I've got a long way to go.

That said, if and when these things make a run, the numbers would jump substantially. I'm actually getting to the point where I am planning on really mapping everything all out to the penny and starting to track exactly where I'm at. When the next bull run comes, I want to know where everything is coming from so I can make some decisions on what and how much needs to go where.

In the meantime, I'm all about accumulating as much as I can of some of these things while they're all down.

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Do your calculations include a provision for a retirement income?

The idea is that this is all retirement income. I'm not taking a dime out of crypto at this point. I just keep adding. The first time I plan on actually taking something out is when I can take enough to pay off my house, all the taxes associated with the gains, and any other debt I may have.

Truthfully, I'm hoping Splinterlands can actually do that for me on its own by the time I'm done. I'm not betting on it or anything but I'll just keep playing and accumulating assets (cards, DEC, SPS, Vouchers, Land, and whatever else) and if the game explodes into the mainstream at some point, my account should be worth enough to do that.

If I can get to $3000/mo with no debt, that should be plenty to "retire" on, especially considering what the underlying assets paying me $3000/mo would be worth.

We'll see. I could retire rich, or I could just slog away at this day by day until I croak. :-)

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We'll see. I could retire rich, or I could just slog away at this day by day until I croak. :-)

Pretty much my plan, too 😁

That said, if and when these things make a run, the numbers would jump substantially.

This is important to acknowledge... Every penny accumulated today can be worth a lot more tomorrow!

I'm counting on it. :-)

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Since I am fairly new to crypto and living in the USA I would need tons more than my $3 per day I currently generate from Splinterlands and other online activities.
!PIZZA

We have to start somewhere... $3 per day is still better than nothing... And it looks small in the bear market, but could be significantly more in the bull market...

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I would need at least $4k USD to live normally and currently make $200 pm. Hopefully that will go up with the next bull run!

I think it will go up in the next bull run... Especially if you picked wisely the content of your bags... ;)

That's a good point! 👌

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I Am from India and basic expenses for food only are around Rs 400 per day. Which is aprox $5
I Am earning around $2 now days...
Thanks..

Do you need $50 per DAY for food? Or I misunderstood it... $2 per day isn't that bad at all...

Oh sorry just now corrected it... it's 5 jot 50...

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I have been on the Hive Platform for about a year now and earning a steady $100 to $200 per month. This amount would only make a small difference in my quality of life and/or expenses in the area I currently live. I am hoping to get the amount a lot higher so that it can supplement my retirement income, but this maybe a few more years down the line. Take care.

!PIZZA

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I also look at it as a long term project and the more you fill the bags, the more your chances to get a decent income from it. How the future looks is however difficult to predict :-)

As I live in California, I would probably need like $500 per week. Things are quite expensive and it's subject to change as prices change.

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So you would need about 2K per month to survive in California? It probably depends whether you live in a bigger town or in the outskirts.

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Almost impossible to live off crypto where I'm from (Singapore) unless I've got sizeable 6 figure amount farming low yields on stablecoins.

Just "surviving" here probably requires a min $2k or so. (Housing installments/Transport/Utilities incl mobile and internet/Food. 🤣 We're one of the most expensive countries in the world for a good reason.

As for the amount generated through crypto, it's almost exclusively on HIVE and I'd say its $2-$3 per day on average. So I'm here just for the enjoyment I derive from playing HIVE games and interacting in some communities. 😜

Of course, the hope is that all these constant "playing" and "blogging" generates a constant returns which appreciates greatly in the future. That'll be a nice bonus 😊. Since stepping into HIVE for almost 8-9 months already, I've not taken anything out of the ecosystem. So, GO HIVE! 🚀🚀🚀

Singapore isn't the cheapest place to live it seems. I also believe it leaving all my income on the chain and maybe one day, I will be happy about it :-)

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I don't know how much crypto I would need to generate. A question I always ask myself and that I haven't calculated yet is how much money do I need in one day to survive? If I can answer that I can scale it up but not every day is the same. Some days I barely even eat. Some months have more bills than others. I'm not that organized if you haven't noticed.
Such a tough question this week but I will tell you this: can't live purely off crypto (games) yet.

I like to know how much I need to survive and have some reserves in case my income stops coming in :-).

I can't just give up. My financial advisor friend gave me homework to tally up ALL my expenses. So I have to figure it out anyway (by the end of the week)!

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Since the official bear market beginning of May, I am earning around 50-60$ per month. With that, I could probably feed my family for around... 1 week... That would be some hungry bellies... And that's without counting the current inflation!
So really far from living on crypto here in France! I think the most basic revenue would be around 1500$, and that would make my wife leaving after some time!
Hopefully it was never the plan to live on crypto, and I doubt it will be one day.

Yes 50-60$ don't bring you very far in Europe with the not that cheap living costs :-). But who knows how the future looks...

Indeed, accumulation is never wrong! Even more if it's (very) long term, retirement or inheritance...

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I certainly can't live off crypto alone just yet!

Because of volatility, I haven't tried to work out in dollar terms how much I'm making each month. Instead, I focus on how much my holdings in BTC, FUN, HIVE and various Hive 2nd tier tokens are increasing month by month.

My hope is that by constantly accumulating, by earning high levels of interest on large chunks of my holdings, I will be sitting pretty if and when (as we expect) values rise.

However, I'm not aiming to live solely off cryptocurrency. I'm still keen on building an online business as well!

I think it's a decent plan to increase our bags and let them generate interests in the long run. It's also my strategy :-)

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I manage to earn about 500 usd a month on cryptocurrency, which for a small town in Russia is not bad at all and it is quite enough to pay the utilities bills and the loan for the apartment. soon I will close the loan and then I will be able to leave more in hodl :)

If you think about it, it's quite possible to live on this money.

!PIZZA

That's quite impressive! Is it difficult to transform the crypto into local currency to pay the bills?

Not difficult - I use p2p on Binance and am very satisfied.

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Well, I ran a little math - for the area I live in, the estimated yearly wage to live is about $50,000 (rounding up a bit). This comes out to about $200 a day according to an online calculator I found.

Off of just crypto assets, I'm probably averaging a few dollars a day. So, probably not 😅 I guess my actual day job is working for a crypto related company, so you could stretch that to say I am making a living off crypto. But, not directly currencies themselves.

$ 200 a day is about what I need to live as well. Of course it's quite difficult to reach such an amount with blogging and gaming but who knows...

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Depending on the part of the country and the size of your household, you'd need a minimum of $24,000 a year, I guess. In London, maybe $24,000 a month 😂

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Thank you 😍

Good idea is to move outside of london then lol

A large number of people, especially those with or wanting to start families, have been moving out of the capital in a steady trend that increased during the pandemic. The challenge for London is that this movement hollows out the population, leaving the very poor and the very rich, and also the very young and the very old.

Since I live in the United States, I have to admit I am nowhere near the point where I could live off of my crypto income. While I hope to by the time I retire in the next 5 to years, I do not take anything out of my crypto holdings for now in order to help make that possible.

As long as I can't live from crypto, I also prefer to leave everting in and hopefully one day, I will be glad about it...

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I’m not there yet. I hope someday I can make the jump! I still do not pull out any cash though. I just keep building my stake.

I think that it's a sound idea to stake your earnings. Who knows where the value of things will be in 5 years?

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How much... I don't think there's much money that I can get from crypto. 🤔
I'm focusing on investing in HP and others as I try to find a short-term project to buff the long-term project. I think I just withdrew around 30% of the capital that I used to start in HIVE and other crypto projects. Still, a long way to live from crypto only to be honest.

Well with every token that we stake, we generate some more passive income and over time living from crypto doesn't seem totally utopian anymore...

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Cost of living depends on which part of the country you live. In my case, I live in the city. I'd say around $800-900 monthly will somehow give you a comfortable lifestyle. I imagine it's cheaper in outskirts of town or even remote areas. That's a great goal to have if I want to be financially independent. My crypto portfolio isn't that huge at the moment to support me fully. If it were, I imagine I will be enjoying more freedom.

!CTP
!ALIVE
!PIZZA

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@liotes! You Are Alive so I just staked 0.1 $ALIVE to your account on behalf of @iamraincrystal. (5/30)

The tip has been paid for by the We Are Alive Tribe through the earnings on @alive.chat, feel free to swing by our daily chat any time you want.

I think it's a great way to stake things and to get step by step closer to getting an income from crypto. It's a long term game...

It depends on how you describe (survivng).Are you asking by the week,month year,.For all purposes I would need
2000/week
8000/month
96,000/year
As far as generating income on hive as of now I got.
1 hive
.424 hbd
50.642 hp
I guess 100 hive for now.
i live in central Canada

I also started with 1 hive and almost no HP. It takes time and consistency but over time it doesn't look impossible to get an income from crypto...

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Thank you very much.

Hmm excluding accommodation, I think basic needs like food and transport will probably cost somewhere around 500-1000 USD per month depending on personal lifestyle. I personally don't have a lot of cryptos and am not relying on them to fund my expenses at the moment. I am still working so I have a monthly income, and I do have dividends from traditional investments like stocks and bonds.

It's good to have several income sources and crypto can be one of them. One day we might be happy about it...

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Thank you!

I would need around $3k a month to live off of crypto, so I am still very far off from that. I probably make $10-25 a month altogether, but I haven't taken the time to figure out specifics. I'm more focused on reinvesting everything I earn right now, so I'm ready for the next run. !LUV

I have been reinvesting everything since I started in 2014. I'm proud to say that I never bought crypto with fiat and today I have quite a substantial crypto portfolio. It works but it takes a lot of time and consistence to get there.

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I am 60 y/o now, so I have thought a lot about retirement income. I plan to retire debt free, so that will make life much easier. I will need around $2000 a month to maintain my current lifestyle. I am only six months into Hive so I am not currently making a lot, but come the bull market, that will change.
Great thought-provoking topic!
!CTP

It's a great plan to be deptless when entering retirement. This gives a lot of freedom.

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I sure can't survive with what I make in crypto today. Back in the good old days when a ListNerd token was worth 2 Hive I could.

That were the good times lol. At 2 hive Listnerds was opening a lot of possibilities...

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It's nice to think about living off crypto, unfortunately, my current earnings are meager yet to take me there, hehe. But to live comfortably where we are, we would need around $300-$400 a month for our necessities and a bit of entertainment.

I think that it's not impossible to generate around 300-400 $ per month with crypto. Difficult but not impossible :-)

That's true, not impossible at all. And that's one of the reasons why we are trying to BUIDL during these times with the hope that one day, our 'assets' will be able to generate enough for our monthly needs :)

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Thank you :) I appreciate it very much

Unfortunately no. I couldn't even support myself, let alone my family...

It will be better as the new bull market comes...

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